25151536 lic plans presentation

7/30/2019 25151536 LIC Plans Presentation

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Company

LOGOLIC-Secure your life,secure your future

Live life like a kingGive your family happiness and Zing

PREPAREDSanjeev Dheer

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Company

LOGO

INTRODUCTION OF LIC

HISTORY OF LICFORMATION OF LIC

IMPORTANT MILESTONES IN THE

GENERAL INSURANCEVARIOUS PLANS &POLICIES

CURRENT STATUS

AWARDS

CONTENT

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INTRODUCTION OF LIC

The Life Insurance Corporation of India (LIC), apublic sector enterprise, is the largest insurancecompany in India, selling insurance products

and related services.Each of its business products offered a variety

of different plans to suit different customers andsituations, Also provided social security

schemes and pension schemes. Investment inLIC was considered by a majority of itscustomers to be reliable and secure.

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HISTORY OF LIC

The concept of life insurance came to Indiawhen two British insurance companies wereestablished in the country - the Oriental Life

Insurance Company (in Calcutta in 1818 ByBipin Behari Dasgupta and others ) andBombay Life Assurance Company (inBombay in 1823).

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IMPORTANT MILESTONES

1912 - The Indian Life Assurance Companies Actenacted as the first statute to regulate the lifeinsurance business.

1928 - The Indian Insurance Companies Act enacted

to enable the government to collect statisticalinformation about both life and non-life insurancebusinesses.

1938 - Earlier legislation consolidated and amended to

by the Insurance Act with the objective of protectingthe interests of the insuring public.

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Cont..IMPORTANT MILESTONES

This legislation was lead to met requirement of

insurance policy act like

statutory requirement of equity capital for

companies carrying on life insurance business a ceiling on share holdings in such companies

stricter control on investments

Submission of periodical returns relating to

investments and other such information to thecontroller.

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Malpractices and Mismanagement had creptinto the management of several of thesecompanies. More than 50 private insurance

companies had been liquidated or swindledthe policyholders.

There were complaints of different types ofmalpractices by many insurance companies

like falsification and denial of claims, andinter-locking of funds.

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To protect the public, the governmentnationalized the insurance industry. OnJanuary 19, 1956, the management of the

life insurance business of 245 Indian andforeign insurers and provident insurancesocieties then operating in India were takenover by the central government.

By 1956, there were 154 life insurancecompanies in India.

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FORMATION OF LIC

The Parliament of India passed the Life Insurance

Corporation Act on the 19th of June 1956, and theLife Insurance Corporation of India was created on1st September, 1956, with a capital contribution ofRs. 5 crore from the Government of India. with the

objective of spreading life insurance much morewidely and in particular to the rural areas with aview to reach all insurable persons in the country,providing them adequate financial cover at areasonable cost.

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IMPORTANT MILESTONESIN THE

GENERAL INSURANCE BUSINESS IN INDIA

1907 - The Indian Mercantile Insurance Ltd. setup, the first company to transact all classes ofgeneral insurance business.

1957 - General Insurance Council, a wing of theInsurance Association of India, frames a code ofconduct for ensuring fair conduct and soundbusiness practices.

1968 - The Insurance Act amended to regulateinvestments and set minimum solvency marginsand the Tariff Advisory Committee set up.

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Conti

1972 - The General Insurance Business(Nationalization) Act, 1972 nationalized thegeneral insurance business in India with effectfrom 1st January 1973.

107 insurers amalgamated and grouped intofour companies viz. the National InsuranceCompany Ltd., the New India AssuranceCompany Ltd., the Oriental Insurance CompanyLtd. and the United India Insurance CompanyLtd. GIC incorporated as a company.

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LIC OWNS THE FOLLOWINGSUBSIDIARIES

1. Life Insurance Corporation of India

International: This is a joint ventureoffshore company promoted by LIC which

commenced operations in July, 1989 withthe objectives of offering US$denominated policies to cater to theinsurance needs of NRIs and providing

insurance services to holders of LICpolicies currently residing in the Gulf.

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Attractive LIC PlansJeevan Anand :Best sellingplan of LIC.Offers maturity

benefit, with extended whole lifecover(free of cost)along with

Double accident benefits. Jeevan

ke sath bhi.jeevan ke baad bhiLoan facility,Assignment

available.


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Jeevan Mitra

Jeevan Mitra: Most suitable plan to protectthe family,with high returns on exigency.

Maturity benefits- SA+bonus +FAB

Death Benefit:Double SA+Bonus + FAB

Accidental benefits :Triple SA + Bonus +

FAB Loan facility ,assignment available


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Jeevan Mitra-Triple Cover

This plan is most suitable with highest andunusual benefits for your family.

Maturity benefits-SA + Bonus + FAB

Death Benefit:3 x SA + Bonus + FAB

Accidental benefits:4 times SA,bonus and

FABHousing loan,Loans,assignment available.


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Jeevan Sathi

Jeevan Sathi is an ideal plan for marriedcouple and protects the surviving spousein the event of exigency.

On maturity:SA+Bonus+FAB On death of any one,surviving partner gets

SA with premium waiver.

Survivor on maturity gets SA+bonus,but incase of death before maturity-SA+acc.bonus paid to nominee.


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Children Plans

Komal Jeevan

Jeevan Kishore

Jeevan Chhaya Marriage Endow.or Edu. Annuity plan

Child Fortune plus

Jeevan Anurag


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Money Back Plans

These plans are best suitable forprofessionals and businessmen, who getsystematic and periodic repayments of

survival benefits.

Money Back Policy-20 yr term

Money back policy-25 yr term

Jeevan Surabhi (Term-15/20/25 yrs)

Bima Bachat-single prem. facility


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Pension Plans

These plans are most suitable to provideregular financial security even when youget retired, you shall never get tired.

Jeevan Nidhi

Jeevan Akshay

New Jeevan Dhara New Jeevan Suraksha


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ULIP Plans

Plans are linked to the money markets andprovide a best blend of life protection aswell as flexibility and growth of

investments. Market Plus I

Fortune Plus

Profit Plus Child fortune plus

Jeevan Sathi plus


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Special Plans

Plans for High net worth individuals andCEOs, industrialists ,persona eminence.

Jeevan Shree I

Jeevan Pramukh

Key man Insurance

Jeevan Aadhar & Jeevan Vishwas-plansfor disabled and handicapped dependents


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CURRENT STATUS

Tracing the developments in the Indianinsurance sector reveals the 360-degree turnwitnessed over a period of almost 190 years.

The enforcement of New Economic Reforms in

1991 coupled with the formation of InsuranceRegulatory and Development Authority Act(IRDA) of 2000 (which started issuing licenses toprivate life insurers ) has diluted the

monopolistic attitude commanded by LIC.

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Current scenario

The only insurance company belonging tothe public sector now has to compete withseveral other corporate entities of its kindwhich often are heavyweight Indian as wellas Multinational Life Insurance Brands in

themselves.The Malhotra committee's recommendations

in 1994 brought about a sea change in theindustry.

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PROGRESS OF LIC

Headquartered in Mumbai, which isconsidered the financial capital of India, theLife Insurance Corporation of India currentlyhas

a) 8 zonal Offices and

b)101 divisional offices located in different partsof India

c)2048 branches located in different cities andtowns of India.

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d) Contributed around 7 % of India's GDP in2006.

e) It also funds close to 24.6% of the Indian

Government's expenses.f) It has assets estimated of 5 Trillion

Rupees.

g) 1.2 million agents and Employs over .

1,12,184

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h) In the financial year 2006-07 Life InsuranceCorporation of India's number of policy holders aresaid to have crossed a whopping 200 million (fourthin terms of population of the countries of the world)

i) It also operates in 12 other countries.j) The recent Economic Times Brand Equity

Survey rated LIC as the No. 1 Service

Brand of the Country.

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The Corporation, which started its

business with around


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AWARDS

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Golden Peacock

Innovative Product /Service Award - 2009

Loyalty Awards -

2009


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LIC- A Lion KingThough many more Private playershave entered the Insurance Universein India, still LIC manages to be the

largest player in the Indian market,with the lion's share of 55%, with bestbouquet of products and plans to be

offered for masses as well as classes.

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